Greystone, a leading national commercial real estate finance company, has provided a $51,470,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to refinance a multifamily property in Tampa, Florida. The financing was originated by Kyle Jemtrud, Managing Director at Greystone, with Largo Capital’s Orlando office team as correspondent.

The non-recourse $51,470,000 Fannie Mae loan carries a 12-year term, a fixed interest rate, five years of interest-only payments, and a 30-year amortization period. Built in 2020, Affinity, offers one- two- and three-bedroom apartments across five buildings. Amenities at the property include a 24-hour fitness studio, resort style pool area with firepits and grills, game room, and coffee bar.

“We were thrilled to help the borrower secure long-term financing with Fannie Mae and play a role in setting this property up for success in the growing Tampa market,” said Mr. Jemtrud. “When it comes to multifamily lending, our expertise runs deep and our ability to execute is unparalleled.”

“Greystone’s guidance in navigating the changes in terms and requirements, as well as Kyle’s local market knowledge, has been invaluable during this process,” said Michael Wright, President, MMI Development of Orlando. 

Greystone, a leading national commercial real estate finance company, has provided a total of $24,952,000 in HUD-insured financing for the construction of a 100-unit multifamily community in Glenwood Springs, Colorado. The transaction was originated by Kelley Klobetanz of Greystone on behalf of a joint venture between Triumph Development West, LLC and Four Points Funding, LLC.

The development of the Altitude Apartments, located in a qualified opportunity zone (OZ), is financed with a non-recourse 40-year HUD (d)(4) construction-to-permanent loan with a fixed, sub-3% interest rate. The finished project will be a six-building, three-story workforce housing community that offers sweeping views of the picturesque Roaring Fork Valley and is located adjacent to the City’s 27^th Street Station which is the primary node for the Roaring Fork public transportation system servicing Aspen, Basalt, and Carbondale. The historic City of Glenwood Springs is a popular mountain recreation destination, located just below Glenwood Canyon at the confluence of the Roaring Fork and Colorado Rivers on the western slope of Colorado.

“This financing from Greystone enables our team to lock in 40 years of low-rate, fixed financing and focus on the completion of the project and stabilization,” said Stephanie Copeland, Partner at Four Points Funding, LLC. “Kelley and her knowledgeable team have opened up an incredible avenue of financing to us, and we are so thrilled to deliver this attainable and quality asset to the Glenwood Springs market by Q1 2023.”

“The Triumph / Four Points team was such a pleasure to work with, and their driving mission of creating quality workforce housing to an area that’s experiencing rapid growth is something to be commended,” said Ms. Klobetanz. “As always, Greystone’s industry-leading HUD platform is an excellent solution to ensure permanent, long-term and fixed financing for multifamily investors.”

Greystone, a leading national commercial real estate finance company, has provided an $18,960,000 bridge loan for the acquisition of a multifamily property in Fort Worth, Texas. Ralph Rader of Marcus & Millichap served as correspondent on the transaction.

The 224-unit property located on Ederville Road has been rebranded as The Aspen upon acquisition, and consists of 27 two-story apartment buildings constructed in 1978 on a 12-acre site. Amenities of the property include an on-site leasing office; swimming pool; outdoor grilling / barbeque area; dog park; and two laundry facilities.

The property, acquired by GLP Investments, LLC and MF Capital Partners, LLC, is secured by a Greystone bridge loan that includes a 24-month term with 2 six-month extensions, with the intention for a permanent take-out via Fannie Mae financing with Greystone. 

“We are thrilled to have worked with Greystone on this acquisition financing and look forward to making improvements at this quality multifamily asset so its true value can be realized,” said Lisa Parrish of GLP Investments, LLC. “That is really a true passion for us – unlocking value – and we look forward to making renovations right away for the long-term benefit of the property and its residents.” 

“This acquisition provides the borrower a fantastic opportunity to unlock additional value at the property,” said Ralph Rader of Marcus & Millichap. “It’s paramount that buyers secure efficient and appropriately structured capital in an extremely competitive multifamily market, and that’s exactly what we found in Greystone. They were a great lending partner to work with, closing in a short timeframe and with outstanding terms.”

Greystone, a leading national commercial real estate finance company, has provided a $22,500,000 bridge loan to refinance a 96-bed assisted living facility in Anchorage, Alaska. The transaction was originated by Stella Plotkin, Vice President in Greystone’s New York office, on behalf of Spring Creek Holdings LLC. 

The floating rate, interest only-bridge financing from Greystone features a 24-month term with two six-month extension options, with the intention to transition to permanent HUD-insured financing. Completed in 2019, Aspen Creek Senior Living is an assisted living and senior care facility consisting of 96 beds in total, with 21 beds designated for memory care residents. The financing retires the existing loan from the property’s initial construction and enables the borrower to continue with ongoing renovations, including the completion of the secured memory care wing.  

“Greystone’s bridge-to-HUD process is meant to help our clients get the flexibility they need throughout the various stages of their facility’s life cycle,” said Ms. Plotkin. “Our in-depth knowledge of the senior care space means that we truly understand the nuances of each transaction and work to execute a seamless close of the right financing solution for every property in our clients’ portfolios.” 

“We’re thrilled to have Greystone helping us bring our full vision for this property to life and serve the senior residents of our community during the pandemic,” said Mr. Doug Clegg, principal of Spring Creek Holdings. “The care and attention that our Greystone team paid to every detail of this transaction was exceptional, and we look forward to working with them in the future.”

Greystone, a leading national commercial real estate finance company, announced that Brett Gaffan has joined as a Senior Managing Director in the firm’s CMBS lending group, based in New York. In this role, Mr. Gaffan will focus on CMBS loan production and report to Rob Russell.

With over 20 years of CMBS sector experience, Mr. Gaffan joins Greystone from Societe Generale, where he served as a Director responsible for CMBS, mezzanine, and floating-rate balance sheet CRE loans. Prior to that, Mr. Gaffan held various CMBS loan origination roles at Barclays, CIBC, and Morgan Stanley.

On joining Greystone, Mr. Gaffan commented, “I’m thrilled to join such an accomplished team and a company that truly cares about making an impact on people’s lives.”

Greystone, a leading national commercial real estate finance company, announced that David King has joined the Special Servicing group as a Managing Director, reporting to Rob Russell, President of Special Servicing. In this new role, Mr. King will drive continued and strategic growth of the division, which currently manages a portfolio of assets totaling $21.1 billion.

Mr. King joins Greystone from CWCapital Asset Management, where he served as Senior Vice President and Head of CRE Credit and Underwriting. In this capacity, Mr. King oversaw the acquisition of servicing rights on over $125 billion of new issue CMBS and Agency subordinate bond offerings. Prior to CWCapital, Mr. King was an Acquisitions Associate at Stoltz Real Estate Partners, where he was actively involved in the acquisition, disposition, and management of the firm’s roughly $2 billion of assets under management.

As a result of the pandemic’s impact on the retail and hospitality sectors, the role of special servicers has become more prominent. With a goal of resolving outstanding debt issues and stabilizing assets for long-term success, special servicing serves a critical role in times of market volatility, and aligns with Greystone’s primary servicing platform, which services $56 billion in Fannie Mae, Freddie Mac, HUD-insured, bridge and balance sheet loans.

“David’s expertise will be invaluable to the growth of our special servicing capabilities, which have expanded incredibly fast over the past 18 months,” said Mr. Russell. “As a complementary addition to Greystone’s CMBS and other lending platforms, we are building a solution-oriented offering for clients no matter where the market may take their assets.”